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Tax Advisory

Tax Advisory, is a publication of Alas Oplas for its clients about developments in Philippine taxation.

This tax advisory is for general information only and should not be treated as a substitution for specific advice. We still recommend that you seek professional assistance in determining the applicability of this advisory. For any comments or questions on this matter please email us at aocheadoffice@alasoplascpas.com or call us at (02) 7116-4366.

Submission of BIR Form No. 2316 EXTENDED till MARCH 31, 2024!

The Bureau of Internal Revenue (BIR) has recently posted Tax Advisory today (February 26, 2024) announcing the Revenue Memorandum Circular (RMC) No. 29-2024 which extend the deadline of submission of the BIR’s copy of BIR Form No. 2316 from February 28, 2024 to MARCH 31, 2024.

Amending the Extended Deadline of Submission of Alphabetical List of Employee/Payees (RMC No. 25-2024)

 

The Bureau of Internal Revenue (BIR) has recently issued an amendment on RMC No. 16-2024 which extends the Deadline of Submission of Alphabetical List of Employees/Payees from Whom Taxes Were Withheld. On the amended extension of the deadline for submission for TY2023, it shall now be thirty (30) days from the date of posting of Tax Advisory on the BIR website announcing the availability of the updated version of the Alphalist Data Entry and Validation Module.

Alphalist of Employees/Payees: Extended!

The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) No. 16-2024 which extends the deadline of submission of the Alphabetical List of Employees/Payees From Whom Taxes Were Withheld. The deadline of submission of alphalist for the for the taxable year (TY) 2023 using the new version of the Alphalist Data Entry and Validation Module is EXTENDED UP to FEBRUARY 28, 2024.

Tax Reminders for 1st Quarter of TY 2024

Please be guided on the Tax Reminders for the 1st Quarter of TY 2024. Kindly note that the link to BIR Forms is available on the BIR website: https://www.bir.gov.ph/index.php/bir-forms/  Please ensure to follow this link for guidance.

No More Annual Fee Registration

The Bureau of Internal Revenue (BIR) will cease collecting the ₱500.00 Annual Registration Fee (ARF) from business taxpayer effective January 22, 2024, in compliance with Republic Act (RA) No. 11976 a.k.a. The Ease of Paying Taxes Act. As a result, business taxpayers are exempt from filling BIR Form No. 0605 and paying the ₱500.00) ARF on or before January 31 every year.

“Ask for Receipt” Slogan No More, It’s Notice to Issue/Receipt Invoice Now! 

This is a friendly reminder on the replacement of the “Ask for Receipt” Notice, previously issued by the RDO/LT in relation to Revenue Regulations (RR) No. 10-2019, with the new BIR Notice, “Notice to Issue Receipt/Invoice (NIRI)“. The validity and deadline for the replacement of the old BIR Notice will be until June 30, 2023, pursuant to Revenue Memorandum Order (RMO) No. 43-2022.

Tax Reminder on Estate Tax Amnesty

This is a friendly reminder of the deadline for Estate Tax Amnesty, in relation to Republic Act (RA) No. 11213 and Revenue Regulations (RR) No. 6-2019, that moved several times by the Bureau of Internal Revenue (BIR). The deadline to avail the tax amnesty is until JULY 14, 2023 only pursuant to RR No. 17-2021.

Updates on VAT Compliance

The Bureau of Internal Revenue (BIR) has recently released several issuances in connection with VAT compliance of VAT-registered persons. Below are the article which may help you determine if it affects you or your Company.

New Offline eBIRForms Version 7.9.4

The Bureau of Internal Revenue (BIR) just issued Revenue Memorandum Circular no. 40-2023 to give notice on the availability of the Offline eBIRForms Package version 7.9.4. The package now includes the April 2021 version of the following forms.

Guidelines: Filing and Payment of Annual Income Tax Return for CY2022

The Bureau of Internal Revenue (BIR) issued the guidelines for the Filing of Annual Income Tax Returns (AITR) for the Calendar Year 2022, as well as the payment of corresponding taxes due thereon, until April 17, 2023.

Inventory listing: Goodbye, hard copies! Hello Softcopies!

This is one of the BIR’s efforts as it gradually moves toward digitization and strives for paperless government transactions. The circular issued amends Section 2 of Revenue Memorandum Circular (RMC) No. 57-2015, which now prescribes.

Monthly VAT Returns No More!

Another relief for VAT-registered taxpayers is the reduction of the number of VAT returns filed. Pursuant to Section 37 of the TRAIN Law as implemented by Section 4-114-1(A) of Revenue Regulations (RR) No. 13-2018, beginning January 1, 2023, the filing of BIR Form No. 2550M (Monthly Value-Added Tax) is no longer required. Instead, the corresponding Quarterly VAT Return (BIR Form No. 2550Q) shall be filed and paid within 25 days following the close of each taxable quarter.